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Question for the Money Doctors

Question submitted on May 20, 2012.

Question

5 years ago I moved out of my house because my mother had a stroke and couldn''t navigate the multiple levels. We moved bk in a single manuf. home I couldn''t sell. The mortgage is for 198K/40yr/10%. The house is worth $100K. I pay nearly $800 land rental(it''s pd 4) for the manf. house and need to let both go.Mom just died.How will a Deed in lieu harm my future? Also paying some lawyers 2K. Haven''t done a thing (consent for Foreclosure).What''s my best path as I pay all my bills and just want to get a new home (house is just sitting,never used my VA and wking).

Answer

The impact of a deed in lieu is a legal question to which you should consult with an attorney that is licensed to practice in your state of domicile. 


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